Foregone interest is the difference between the actual interest rate you charge and the applicable federal interest rate. In other words, regardless of the interest you collect, the minimum you'll have to pay tax on is the amount you would've collected had you charged the federal rate. Most ...
including retirement plans and health savings plans that are funded with pre-tax income. Other deductions are up to you to find and take, like deducting the amount of interest you pay on student loans.2They all help reduce how much tax you owe. ...
If you are an employee, you will have to pay income taxes. The government will determine how much you owe based on the amount of money you receive from earned income (salaries, wages, tips, commissions) and unearned income (interest, dividends). Federal income tax rates are the same ...
It's a whole new world once you leave the cocoon of college and head off into the real world to make a living. You're no doubt overwhelmed with getting a job and finding a place to live. That's understandable. But if you paid for your college education with student loans, it's ...
Saving money is kind of like eating a healthy diet. You know you should do more of it, but it’s hard to resist making spur-of-the-moment choices that make you happier now but worse off later. A tax refund marks a great chance to set yourself in a better
Of course, you can pay for your education using student loans, but that would mean another 2 to 3 years of debt. This is something a saving plan could solve for you. Make Some Home Improvements Your tax refund may not be large enough to get you a new home or car, but you can use...
Some banks offer different loan terms based on the amount borrowed. For instance, you might have to repay a large loan amount in three years if you have only average credit. Personal loan amounts usually aren't as high as loans for secured assets, such as homes, because of the increased...
Students can receive loans with bad or even poor credit. We’ll explore the specific requirements for student loans and what to do if you have bad credit.
Loans allow the addressing of immediate cash needs, but there is a need to be responsible in terms of assessing one’s repayment abilities. Before embarking on your renovation, you should determine which type of loan best suits your needs – a personal loan or a renovation loan. A personal ...
Interest rates on private student loans vary widely because they’re tied to a variety of factors that change depending on the lender, the borrower, and the loan, but on the high end, it can be much higher. So how do you know if you should use your tax refund to pay off your studen...